BULL THESIS
BLU overall corporate and executive summary
~$380M in cash (including $150M offering about to close)
Yrs of cash
Should cover thru Ph3 trial (need company confirmation)
Attractive <$1B MC/EV with lead (BLU-5937) entering Ph3 in large addressable market and impressive ph2 data
Single asset company - attractive acquisition target in future
100% ownership of global rights to BLU-5937 + comp patents to 2034
Very good relative stock performance in 1H 2022 w contd. positive data on 5937
BLU-5937 potential best in class P2X3 antag for hi freq chronic cough
Large market (blockbuster potential)
Stock jumps - Sept ‘21 & Dec ‘21 on Ph2 hi freq cough data
Entering Ph3 in ‘22
Differentiated profile of much lower taste AEs with better efficacy than lead compound in class (MRK)
If MRK gets approved and succeeds in early market, could be positive for BLU because same cough measuring device and next-gen (differentiated) compound
FS/MV 7/16/22
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